Bit Magazine (Bitcoin Magazine)'s CEO and well-known Bit (BTC/USD) supporter David Bailey revealed on Sunday that China is conducting confidential discussions to assess the possibility of establishing a strategic Bit reserve.
Event Details:
Bailey, as an important figure who supported Donald Trump's campaign last year, posted on the X platform that this major Asian economy is "working overtime" to establish its own national-level Bit reserve.
"Since the election, they have been holding closed-door meetings on this topic," Bailey said.
This news has raised questions among X platform users, with many questioning the credibility of Bailey's sources and his ability to obtain confidential information.
Bailey defended his sources, saying: "Yes, when you get the US President to embrace the Bit idea, you'd be surprised how many people reach out to you."
This statement comes at a time when Trump has announced that Bit, Ethereum, XRP, Solana, and Cardano will become the "core" of the US strategic cryptocurrency reserve.
Significance of the Event: Bailey's remarks closely follow signals released by China, which suggest that China may be adjusting its stance on cryptocurrencies.
Zhu Guangyao, former Deputy Minister of Finance of China, urged the Xi Jinping government last year to delve deeper into cryptocurrencies, emphasizing the importance of keeping up with international changes and policy adjustments.
Additionally, a court in Shanghai has confirmed that personal ownership of cryptocurrencies is not illegal in China, although speculative trading may be subject to regulation and enforcement.
Although China has banned cryptocurrency trading and mining, as of September 2024, China still dominates the Bit network, controlling 55% of the global hashrate. There are also reports that more and more Chinese investors are seeking alternative ways to participate in the cryptocurrency market.
Market Dynamics:
According to Benzinga Pro data, as of the time of writing, the trading price of Bit is $83,661.68, down 9.78% in the past 24 hours.
